By on Jul 09, 2010 with Comments 1
So what is the relationship with the economy and business in this industry? Generally, not too much, depending on the kind of business you operate.
This country has gone through many recessions and bars usually survive. In many circumstances, quite well. People drink when they are happy and when they are sad. Works well doesn’t it?
When there is a recession, you have to understand that 85-90% of the country is still working. The paychecks for these people are still coming in and many may say, “what recession”. They have income and they have not experienced a change in their lives.
Upscale places don’t change at all really. The only change that you may see is a club or bar that has a customer base that is generally younger. In most cases, the youth market, no matter what are going out. They just will go to places that offer plenty of specials in order for them to go out.
In larger cities though, you may find that the college educated youth make good salaries. And there again, there is no problem with the spending of money. The economy and business go hand in hand with many industries. But this one survives. The economy and business may slow it down a tad, but for the most part, it’s a recession proof industry.
Does this mean not to give it a second thought? Of course not. Just be aware of what is going in in your area. Things affect the economy and business differently in different areas.
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